The functions of MEFF as Central Counterparty are:

• Organise, direct and regulate the Central Counterparty, seeking the highest degree of effectiveness in its operations and taking whatever decisions within its scope that will lead to an improvement.
• Register in the Members and Clients Accounts those trades that are notified and accepted by MEFF according to Regulations, Circulars and agreements with the exchanges and platforms or systems where the Trades are made, as well as the bodies and entities responsible for settlement and clearing.
• As a result of the novation that occurs when trades are registered, MEFF becomes the buyer to the seller and the seller to the buyer, for the trades registered under the Regulations, in such a way that the original buyer and seller cease to hold any reciprocal rights and obligations with each other, and hold them exclusively with MEFF.
• Calculate and request Margins daily.
• Receive, manage and keep custody for any type of Margins posted by Clearing Members and Clients.
• In carrying out the directive, regulation, management and supervision functions of MEFF, publish Circulars that develop Regulations, which will be binding to all participants, seeking the approval of the competent Supervisory Authorities.
• Promote amendments to the Regulations, requesting the appropriate authorisations.
• In general, comply and enforce compliance with Regulations and rules that affect the Central Counterparty, including the Circulars that are issued in the development of the Regulations.